Tracy Olson - Real Estate

03/19/2024

So there's been a lot of buzz in the media about the NAR settlement and the "drastic changes" affecting the Real Estate industry. Remember that what you read or see is not always completely factual. The media will always spin things to get the most engagement, often inciting panic. The sky is not falling!! If you are curious about the "drastic changes", feel free to reach out to me.
This thing that is bugging me are some of the comments saying that we (REALTORS®) are overpaid and do nothing other than "put a sign in the yard" or "open a few doors". So here's a little insight for ya.

The average FULL TIME REALTOR®’s earnings last year was $31,900 @ 40+ hours a week. (Notice I wrote full time 40+ hours not 0-20 hours a week) which is well below the living wage. As a REALTOR we do not get paid an hourly wage or salary, and we only get paid if we sell a home and it closes. we can only get paid by broker to broker. As an agent we could work with someone days, weeks, months, or years with no guarantee of a sale ever. No sale = no pay. How many other people work for free?

As a listing agent we have lots of tasks far more than just "putting a sign in the yard". Here’s the short list:

1. Prepare Listing Presentation for Sellers
2. Research Sellers Property Tax Info
3. Research Comparable Sold Properties for Sellers
4. Determine Average Days on Market
5. Gather Info From Sellers About Their Home
6. Meet With Sellers at Their Home
7. Get To Know Their Home
8. Present Listing Presentation
9. Advise on Repairs and/or Upgrades
10. Provide Home Seller To-Do Checklist
11. Explain Current Market Conditions
12. Discuss Seller’s Goals
13. Share Your Value Proposition
14. Explain Benefits of Your Brokerage
15. Present Your Marketing Options
16. Explain Video Marketing Strategies
17. Demonstrate 3D Tour Marketing
18. Explain Buyer & Seller Agency Relationships
19. Describe the Buyer Pre-Screening Process
20. Create Internal File for Transaction
21. Get Listing Agreement & Disclosures Signed
22. Provide Sellers Disclosure Form to Sellers
23 Obtain Current Mortgage Loan Info
24. Confirm Lot Size from County Tax Records
25. Investigate Any Unrecorded Property Easements
26. Establish Showing Instructions for Buyers
27. Agree on Showing Times with Sellers
28. Discuss Different Types of Buyer Financing
29. Explain Appraisal Process and Pitfalls
30. Verify Home Owners Association Fees, if any
31. Obtain a Copy of HOA Bylaws
32. Gather Transferable Warranties
33. Determine Need for Lead-Based Paint Disclosure
34. Verify Security System Ownership
35. Discuss Video Recording Devices & Showings
36. Determine Property Inclusions & Exclusions
37. Agree on Repairs to Made Before Listing

38. Install Electronic Lockbox & Yard Sign
39. Set-Up Photo/Video Shoot
40. Meet Photographer at Property
41. Get Seller’s Approval of All Marketing Materials
42. Input Property Listing Into The MLS
43. Verify Listing Data on 3rd Party Websites
44. Have Listing Proofread
45. Create Property Flyer
46. Set-Up Showing Services
47. Coordinate Showings
48. Gather Feedback After Each Showing
49. Keep track of Showing Activity
50. Update MLS Listing as Needed
51. Schedule Weekly Update Calls with Seller
52. Prepare “Net Sheet” For All Offers
53. Present All Offers to Seller
54. Obtain Pre-Approval Letter from Buyer’s Agent
55. Examine & Verify Buyer’s Qualifications
56. Examine & Verify Buyer’s Lender
57. Negotiate Offers
58. Check Buyer’s Agent Has Received Copies
59. Change Property Status in MLS
60. Deliver Copies of Contact/Addendum to Seller
61. Keep Track of Copies for Office File
62. Coordinate Inspections with Sellers
63. Explain Buyer’s Inspection Objections to Sellers
64. Determine Seller’s Inspection Resolution
65. Get All Repair Agreements in Writing
66. Refer Trustworthy Contractors to Sellers
67. Negotiate Any Unsatisfactory Appraisals
68. Confirm Clear-to-Close
69. Coordinate Closing Times & Location
70. Verify Title Company Has All Docs
71. Remind Sellers to Transfer Utilities
72. Make Sure All Parties Are Notified of Closing Time
73. Resolve Any Title Issues Before Closing
74. Receive and Carefully Review Closing Docs
75. Review Closing Figures With Seller
76. Confirm Repairs Have Been Made
77. Resolve Any Last Minute Issues – and there are ALWAYS last minute issues
78. Attend Seller’s Closing
79. Pick Up Sign & Lock Box
80. Change Status in MLS to “Sold.”
81. Close Out Seller’s File With Brokerage

As a buyer's agent we also have many tasks beyond "opening doors". Here’s another short list:

1. Schedule Time To Meet Buyers
2. Prepare Buyers Guide & Presentation
3. Meet Buyers and Discuss Their Goals
4. Explain Buyer & Seller Agency Relationships
5. Discuss Different Types of Financing Options
6. Help Buyers Find a Mortgage Lender
7. Obtain Pre-Approval Letter from Their Lender
8. Explain What You Do For Buyers As A Realtor
9. Provide Overview of Current Market Conditions
10. Explain Your Company’s Value to Buyers
11. Discuss Earnest Money Deposits
12. Explain Home Inspection Process
13. Discuss Foreclosures & Short Sales
14. Gather Needs & Wants Of Their Next Home
15. Explain Recording Devices During Showings
16. Learn All Buyer Goals & Make A Plan
17. Create Internal File for Buyers Records
18. Send Buyers Homes Within Their Criteria
19. Start Showing Buyers Home That They Request
20. Schedule & Organize All Showings
21. Gather Showing Instructions for Each Listing
22. Send Showing Schedule to Buyers
23. Show Up Early and Prepare First Showing
24. Look For Possible Repair Issues While Showing
25. Gather Buyer Feedback After Each Showing
26. Update Buyers When New Homes Hit the Market
27. Share Knowledge & Insight About Homes
28. Guide Buyers Through Their Emotional Journey
29. Listen & Learn From Buyers At Each Showing
30. Keep Records of All Showings
31. Update Listing Agents with Buyer’s Feedback
32. Discuss Home Owner’s Associations
33. Estimate Expected Utility Usage Costs
34. Confirm Water Source and Status
35. Discuss Transferable Warranties
36. Explain Property Appraisal Process
37. Discuss Multiple Offer Situations
38. Create Practice Offer To Help Buyers Prepare
39. Provide Updated Housing Market Data to Buyers
40. Inform Buyers of Their Showing Activity Weekly
41. Update Buyers On Any Price Drops
42. Discuss MLS Data With Buyers At Showings
43. Find the Right Home for Buyers
44. Determine Property Inclusions & Exclusions
45. Prepare Sales Contract When Buyers are Ready
46. Educate Buyer’s On Sales Contract Options
47. Determine Need for Lead-Based Paint Disclosure
48. Explain Home Warranty Options
49. Update Buyer’s Pre-Approval Letter
50. Discuss Loan Objection Deadlines
51. Choose a Closing Date
52. Verify Listing Data Is Correct
53. Review Comps With Buyers To Determine Value
54. Prepare & Submit Buyer’s Offer to Listing Agent
55. Negotiate Buyers Offer With Listing Agent
56. Execute A Sales Contract & Disclosures
57. Once Under Contract, Send to Title Company
58. Coordinate Earnest Money Drop Off
59. Deliver Copies to Mortgage Lender
60. Obtain Copy of Sellers Disclosure for Buyers
61. Deliver Copies of Contract/Addendum to Buyers
62. Obtain A Copy of HOA Bylaws
63. Keep Track of Copies for Office File
64. Coordinate Inspections with Buyers
65. Meet Inspector At The Property
66. Review Home Inspection with Buyers
67. Negotiate Inspection Objections
68. Get All Agreed Upon Repair Items in Writing
69. Check In With Lender To Verify Loan Status
70. Check on the Appraisal Date
71. Negotiate Any Unsatisfactory Appraisals
72. Coordinate Closing Times & Location
73. Make Sure All Documents Are Fully Signed
74. Verify Title Company Has Everything Needed
75. Remind Buyers to Schedule Utilities
76. Make Sure All Parties Are Notified of Closing Time
77. Solve Any Title Problems Before Closing
78. Receive and Review Closing Documents
79. Review Closing Figures With Buyers
80. Confirm Repairs Have Been Made By Sellers
81. Perform Final Walk-Through with Buyers
82. Resolve Any Last Minute Issues
83. Get CDA Signed By Brokerage
84. Attend Closing with Buyers
85. Provide Home Warranty Paperwork
86. Give Keys and Accessories to Buyers
87. Close Out Buyer’s File Brokerage

I think the Real Estate industry as a whole needs to educate the public a little better on how we operate. We do most of these tasks behind the scenes. Most of these things seem to "magically" get completed. It's not magic. It's hours upon hours of work for each transaction.
I feel like we are being attacked from all sides, and it doesn't feel good.
One thing I can guarantee is that I will take the beating and continue to serve my clients to the highest of my ability. I will continue to go above and beyond. The rest is just noise.

01/23/2024

What is success? I saw a post in a Real Estate group today that made me think about this question. So many define success by accomplishments or accolades. I think success is defined however someone wants to define it. It's a very personal definition. Some people define success by the ability to get out of bed and greet the day. That's perfectly fine. Others must have fancy things to feel successful. That's OK as well. While some feel success by giving back or sharing their skills and talents in some way. Again, nothing wrong with this at all. There is no blanket definition for success. My definition of success in business isn't the paycheck (even though it's still important). My definition of success in business is the service I provide to my clients. It is taking care of the little things that get in the way before they even know they existed. It's treating everyone the same regardless of whether they are buying or selling a $10000 tract of land or a million dollar home. We all put our pants on the same way. If my client makes it to the closing table and is satisfied with my service, I walk away feeling very successful. I'm curious. What makes you feel successful?

01/10/2024

Here's my Really Real Real Estate soapbox for the day:

I recently worked with first time buyers that were referred to me by a lender. These buyers were the nicest couple in the world, but knew absolutely nothing about buying a home. I met with them in person and went over all of the ins and outs of buying as it relates to my role as REALTOR® and what to expect during the process. I presented them with a nice packet that covered everything we talked about during the consultation. So, things are moving along well on my end until the lender called to tell me there was an issue with the appraisal and the loan would be denied. I reviewed the appraisal and discussed with the list agent about the issue that was supposedly causing the denial (which shouldn't have even been an issue). The list agent and I come up with a possible solution, as the property had been under contract previously. The first buyer cancelled just before closing due to personal issues not related to financing. This meant that the appraisal was approved by the original lender. After a bit of research by the list agent, we learned who the original lender was that had no issues with the appraisal. So, my only choice was to call the buyer and present them with the issue and the option to switch lenders. As it turns out, the buyer's lender would not speak to them in person during the process. they said they prefer to communicate via email so they have it in writing. Good grief. Great customer service would be to have a conversation and then follow up via email. The buyer forwarded the emails to me to review because she had no idea what most of them were saying. They consisted of lots of jargon and certainly would be confusing to average Joe Buyer.
My buyers agreed to switch lenders and move on. As it turns out, the new lender took the time to review their entire financial situation in order to get the best loan for them. They were originally going to be required to bring $7000 to closing. The new lender was able to get them into a loan with a lower interest rate and get $100 back at closing.
The moral of the story is that there are often solutions to problems. If you are buying, it is imperative that you work with a lender that looks at the whole financial picture and provides guidance in helping you choose the right loan for your situation. If you (or someone you know) is looking for a lender that does this, I can hook you up!I

I will now step off my soapbox. Back to regularly scheduled programming!

08/14/2023

Are you thinking of buying or selling real estate? I would love to help.

Search homes for sale in Louisville, KY. Listings include large photos, virtual tours, Google maps & Street View, local school info and more.

06/18/2023

Hiring a professional is the best way to know what you are getting!

06/08/2023

I can connect you to a lender that can give you the best option for your financial situation.

11/22/2021

10/25/2021

https://www.usatoday.com/story/money/personalfinance/real-estate/2021/10/21/home-prices-are-still-high-heres-how-to-open-up-your-buying-options/49279625/

Struggling to find an affordable home? Consider buying a townhouse or condo, partnering with a friend or lining up a tenant you can share it with.

08/17/2020

I’m truly honored to have helped this client.

See more: https://www.realsatisfied.com/Tracy-Olson